Posts


Use and Abuse of the “Natural Capital” Concept

Herman Daly explains how we can use prices now as tools for rationing a fixed predetermined flow of resources, rather than determining the volume of resources taken from nature, or the physical scale of the economic subsystem.


Wealth, Illth, and Net Welfare

Good and bads, wealth and illth — economic growth produces them all. But how big are the bads and how damaging is the illth?